Bitcoin climbed above $75,000 for the first time since May after the latest cryptocurrency rally, fueled by renewed optimism over US digital asset legislation and a move by the Treasury Department to stabilize the bond market.
Bitcoin rose to $75,268 early Friday, marking a gain of more than $10,000 over the past two days. The move extends a sharp recovery that began earlier in the week and pushed the world’s largest cryptocurrency above $70,000 for the first time since early June.
Other major cryptocurrencies also advanced. Ether, the second largest cryptocurrency by market value, reached $2,363, putting it more than 25 percent above its level a week earlier. Solana’s SOL, Binance’s BNB, XRP and Dogecoin also posted significant gains over the past 24 hours.
The rally triggered heavy losses for investors betting against the market. Data from CoinGlass showed that more than $1.25 billion in cryptocurrency short positions were liquidated over the past 24 hours, including about $750 million in positions tied to Bitcoin.
The latest surge followed an event at the White House on Wednesday, where President Donald Trump met with several cryptocurrency executives and urged Congress to pass the CLARITY Act.
The legislation, which has strong backing from the crypto industry, would establish a legal framework for digital assets in the United States.
Crypto prices also benefited from a move by Treasury Secretary Scott Bessent to intervene in the bond market as long term Treasury yields climbed sharply. The 30 year Treasury yield had reached its highest level since 2007 amid concerns over the war in Iran and rising US government debt.
The Treasury subsequently announced plans to double its purchases of long dated bonds, helping ease pressure in the bond market and encouraging investors to return to riskier assets such as cryptocurrencies.
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